Limited Possibilities of Adapting the Economy of Bosnia and Herzegovina to the External Pressures of the Economic Crisis // Ограничене могућности прилагођавања економије Босне и Херцеговине спољним притисцима економске кризе

2012 ◽  
Vol 10 (17) ◽  
pp. 9 ◽  
Author(s):  
Rajko Tomaš
Keyword(s):  
Economic Crisis ◽  
Foreign Exchange ◽  
Bosnia And Herzegovina ◽  
Foreign Market ◽  
External Pressure ◽  
Foreign Exchange Reserves ◽  
The Real ◽  
Foreign Countries ◽  
External Pressures ◽  
The Impact

Summary: The economic condition in Bosnia and Herzegovina (BiH) is dependent onthe continuous inflow of money from foreign countries. Under the impact ofthe economic crisis, there is a reduction in foreign donations, remittances fromabroad, foreign investments and exports are made more diffi cult, which threatensits economic and social stability. In this paper, we investigate the influence ofexternal disturbances on the balance of payments of BiH, as well as possibilities ofconducting an economic policy which equalizes the real eff ective and balancing foreign exchange rates.Th e analysis shows that BiH is open up for an external pressure on the balanceof payments since the Central Bank of BiH conducts neither an exchange ratepolicy nor a foreign exchange reserves policy, and the crisis of the exchange rateand the crisis of the foreign exchange reserves take turns in BiH. In order toreduce the negative eff ects of the deviation of the real eff ective and balancingforeign exchange rates, in BiH it is necessary that prices and salaries be flexibleand that structural reforms which would increase the competitiveness of domesticenterprises in the foreign market be implemented. Резиме: Економско стање у Босни и Херцеговини (БиХ) зависно је од континуираног прилива новца из иностранства. Под утицајем економске кризе долази до смањења иностраних донација, дознака из иностранства, странихинвестиција и отежаног извоза што угрожава економску и социјалну стабилност. У овом раду истражује се утицај вањских поремећаја на платнибиланс БиХ, те могућности вођења економске политике којом се уједначавареални ефективни и равнотежни девизни курс.Анализа је показала да је БиХ отворена за вањски притисак на платнибиланс јер Централна банка БиХ не води ни политику курса, ни политикудевизних резерви, те да се у БиХ смјењују криза курса и криза девизних резерви. Да би се смањили негативни ефекти одступања реалног ефективноги равнотежног девизног курса, у БиХ је неопходна флексибилност цијенаи плата, те провођење структурних реформи којим би се повећала конку-рентност домаћих предузећа на иностраном тржишту.

Estimation of fiscal rule impact on Russian ruble equilibrium exchange rate

2021 ◽  
pp. 70-84
Author(s):  
D. A. Menshikh
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Oil Price ◽  
Real Effective Exchange Rate ◽  
Alternative Methods ◽  
Equilibrium Exchange Rate ◽  
The Real ◽  
Equilibrium Exchange ◽  
Fiscal Rule ◽  
The Impact

This paper describes a new approach that makes it possible to assess the impact of foreign exchange interventions implemented under the fiscal rule on the Russian ruble equilibrium exchange rate. The essence of the approach is to quantify the impact of foreign exchange interventions carried out within the framework of the fiscal rule on the balance of supply and demand of foreign exchange, and to reflect this influence in macroeconomic models using the “effective” oil price indicator. The article describes in detail the calculation of this indicator. The advantage of using the “effective” oil price indicator compared to alternative methods lies in the efficiency (the ability to apply for monthly data), simplicity (the possibility of using for scenario forecasting of the exchange rate), as well as the flexibility of the method (the possibility of taking into account periods of suspension of the fiscal rule and deferred purchases). The current gap in the real effective exchange rate of Russian ruble was calculated based on the data for February 2008 — October 2019. The assessment of the contribution of the fiscal rule to the equilibrium value of the real exchange rate was about 2 pp., at the end of 2019 Russian ruble was overvalued.

scholarly journals Analysis on the Impact of the Foreign Exchange Reserves of China on Its Macro Economy

2021 ◽  
Vol 233 ◽  
pp. 01159
Author(s):  
Jiahao Zhang
Keyword(s):  
International Development ◽  
Foreign Exchange ◽  
Foreign Debt ◽  
Foreign Exchange Reserve ◽  
Foreign Exchange Reserves ◽  
Negative Effects ◽  
Rate System ◽  
Policy Suggestions ◽  
Exchange Rate System ◽  
The Impact

China has the largest foreign exchange reserve in the world, but the high foreign exchange reserve is a double-edged sword for the country. There are two kinds of analysis for this. First, China's foreign exchange reserves have far exceeded the reasonable scale, which will cause China to pay extremely high management costs. Second, China's foreign exchange reserves are considerable, but this is the objective demand of the economy. Sufficient foreign exchange reserves can make China occupy a favorable position in international development. Based on the data on China's foreign exchange reserve, foreign debt scale and GDP from 1985 to 2019, this paper analyzes the positive and negative effects of high foreign exchange reserve on China's economic development. By analyzing the current situation of China's foreign exchange, the author gives some policy suggestions: (1) appropriately reduce foreign exchange reserves; (2) promote the reform of the exchange rate system; (3) reform the foreign exchange system

Understanding Playing-Related Musculoskeletal Disorders in Elite Pianists: A Grounded Theory Study

2006 ◽  
Vol 21 (2) ◽  
pp. 71-79 ◽  
Author(s):  
Peter Bragge ◽  
Andrea Bialocerkowski ◽  
Joan McMeeken
Keyword(s):  
Grounded Theory ◽  
Musculoskeletal Disorders ◽  
Physical World ◽  
External Pressure ◽  
Physical Problems ◽  
Elite College ◽  
External Pressures ◽  
Open Discussion ◽  
Culture Of Silence ◽  
The Impact

Objectives: Playing-related musculoskeletal disorders (PRMDs) are a recognised problem in elite (college/conservatory or professional) pianists. The aim of this study was to explore the behavioural, emotional, and physical world of the elite pianist and the interaction between this world and the experience of having a PRMD. Methods: A qualitative, grounded theory methodology was used. Oneon-one interviews were conducted with 18 elite pianists, 6 health practitioners, and 6 teachers who had had or managed PRMDs. Interview questions focused on the experience of being an elite pianist, the impact of PRMDs on piano playing and other activities, and the pianists' feelings about the effects of PRMDs. Interviews were transcribed and then analysed using grounded theory. Results: Major categories were “pressure: external,” “pressure: internal,” and “culture of silence.” The central category was “playing through pain.” Elite pianists experienced many internal and external pressures but were reluctant to declare physical problems due to a culture of silence, and they played through pain. This situation led to development or worsening of PRMDs, with physical, psychological, and global effects. Worsening symptoms or an impending examination or recital led pianists to seek treatment. Poor medical awareness of musicians' needs often resulted in suboptimal management of PRMDs. Conclusion: Open discussion of PRMD issues in elite pianists and dissemination of PRMD prevention and management information are warranted to help prevent the physical, psychological, and global effects of such disorders.

scholarly journals Labor Productivity And Real Wages In Macedonia: An Overview Before And After The Global Economic Crisis

2016 ◽  
Vol 12 (10) ◽  
pp. 352
Author(s):  
Predrag Trpeski ◽  
Ljupcho Eftimov ◽  
Marijana Cvetanoska
Keyword(s):  
Labor Productivity ◽  
Economic Crisis ◽  
Opposite Direction ◽  
Opposite Sign ◽  
Quantitative Relationship ◽  
Real Wages ◽  
The Real ◽  
Before And After ◽  
The Impact ◽  
The Relationship

The aim of the paper is to examine the relationship between the labor productivity and real net wages in Macedonia at the level of the whole economy, and in the sectors of industry and agriculture, both, in the period 2006-2015, i.e. shortly before the commencement and after the Great financial and economic crisis. The paper starts from the assumption that greater labor productivity causes changes in real net wages which are in the same direction. Studies that are previously made show that there is an expressed quantitative relationship between the labor productivity and real net wages in Macedonia in the period 1995-2003. But results obtained in this paper show that the Great financial and economic crisis has influence on this relations. Thus, quantitative relationship between labor productivity and real net wages in the analyzed period is very low, and even that their relationships are with the opposite sign. This leads to the conclusion that during and the period after the crisis, changes in labor productivity did not have an impact on the real net wages in Macedonia, or they had a little impact, and in some cases the impact is in the opposite direction. Taking into consideration that in the period during and after crisis are recorded small but permanent increasing of the wages in the country, it is obvious that such increase is not due to changes in labor productivity but more to other factors.

Sign in / Sign up

Export Citation Format

Share Document